Marc Faber: We Could Experience A 1987-Style Crash This Year

Marc Faber, the Swiss economist behind the Gloom Boom and Doom Report, had some strong words in an interview with Bloomberg TV earlier this morning.

The bottom line is I think the market will have difficulties to move up strongly unless we have a massive QE3. If [the S&P 500] moves here and makes a high above 1422, the second half of the year could witness a crash. Yes, like in 1987, because the market would become technically very weak. If it happens it would be a new high with very few stocks pushing up, and the majority of stocks have already rolled over.